CDA Compagnie des Alpes : PUBLICATION OF CONSOLIDATED SALES FOR FY 2017/2018

Consolidated sales for FY 2017/2018 up +6.0%

Good dynamic of all activities and integration of Travelfactory

Paris, October 18, 2018-Compagnie des Alpes announced consolidated sales for financial year 2017/2018 of€801.2 M, an increase of 6.0% on an adjusted basis* and 3.1% on a comparable scope basis. **

Group consolidated sales, October 1, 2017 through September 30, 2018

Change
(In thousands of€)	Comparable
basis**
•Ski Areas	+3.0%
•Leisure Destinations	+4.3%
•Holdings and Supports	-25.6%(2)
Total	+3.1%

2017/2018	2016/2017 Restated*	Change (vs. Restated)
429 324	416 943 326 591 12 412	+3.0% +4.1% +157.6%
339 927
31 975(1)
801 226	755 946	+6.0%

* and **: Sales for financial year 2017/2018 reflect the acquisition of Travelfactory, changes in scope, certain reclassifications between divisions, and a change in accounting method. These items are explained in greater detail at the end of this press release.

• (1) Including Travelfactory, consolidated as of January 1, 2018.

• (2) The difference is primarily due to a difference in the accounting method used for revenue recognition (margin in 2017/2018 vs. business volume in 2016/2017) for the online distribution and real estate agency businesses.

Ski Areas: Skier days up for the 3rdstraight year

Ski Area sales for the 4thquarter rose a significant +11.7%, to€6.8 M, primarily due to a positive base effect, as the 4thquarter of the prior year was penalized by fewer days of operation.

For financial year 2017/2018 as a whole, Ski Area sales rose by 3.0%, to€429.3 M, including the proceeds from a property sale that was completed in the course of the 3rdquarter totaling€2.4 M.

Lift ticket sales (which for this financial year represent 98% of business following the reclassification of real estate business under Holdings & Supports) increased by 2.1% to€420.9 M.

This performance was achieved in spite of occasionally extreme weather conditions that disrupted resort operation and led to many days of total or partial closure of slopes and lifts, particularly in the month of January. It attests to the resilience of this business in an adverse environment.

Growth in sales was primarily driven by the increase in revenue per Skier/Day which, after rising significantly during the previous financial year, has consolidated and rose by +1.3% this year. Growth was also boosted by another increase, for the 3rdyear in a row, in the number of Skier Days at theGroup's resorts, which this year reached +0.8%.

Increasing the number of guests who visit these resorts is one of the major pillars of the strategy deployed by Compagnie des Alpes. To achieve this goal, the Group has rolled out initiatives pertaining to overnight accommodations, sales, distribution, and digitalization. The acquisition this year of

Travelfactory, the leading online distributor of ski vacations in France, is in perfect alignment with this strategy. It will enable the Group to complete its retail offering of ski trips and mountain lodging as well as gain access to younger and more international customers while also expanding both its expertise and its digital footprint.

Leisure Destinations: Sales rise for the 5thyear in a row, a +39% increase since 2013

Leisure Destination sales, which account for more than 40% of annual revenue, rose by 3.2% in the course of the 4thquarter of financial year 2017/2018, reaching€141.3 M,in line with the Group'sexpectations.

For the 2017/2018 financial year as a whole, Leisure Destination sales rose by 4.3% on a comparable scope basis, reaching€339.9 M. The increase was primarily driven by the steady growth in spend per guest (+3.0%), sustained by a continuous rise in"In Park"spending, whose volume has increased by nearly 44% over the last five years. This increase is mainly attributable to growth in restaurant-related activities and, more globally, to an improved mix that better serves guest expectations.

Sales related to accommodation also rose, thanks to the partial opening of a new hotel on the grounds of Parc Astérix, which will be fully completed by the end of this year.

Lastly, the performance of Leisure Destinations is also the result of more guests: up by +1.3%, the total number reached a new record (on a comparable basis) of 8.8 million guests.

This increase in sales, for the 5thyear in a row, brings aggregate growth in sales for this business unit over the last five years to more than 39%. It is the fruit of the customer satisfaction strategy (Very High Satisfaction) that was implemented by the Group and gradually rolled out across all facilities.

This season, the facilities that have made the most progress are those whose multi-year transformation efforts and investment plans are the most advanced: investments designed to boost appeal, the addition of new areas, increased hotel capacity. At these facilities in particular, attendance records were once again broken. Parc Astérix surpassed the symbolic mark of 2 million guests by the end of August and recorded 2.17 million by the end of the season. For the first time since it joined the Group, Walibi Belgium has exceeded the one million mark for attendance. Walibi Rhône-Alpes saw its attendance increase by nearly 30% in four years. For Futuroscope, there was a slight decline in sales this season, mainly due to the unfavorable base effect created by the fact that the facility celebrated its 30th anniversary last year.

The increase in attendance has not acted as a drag on overall customer satisfaction: once again this year guest ratings are up for most facilities. And the scores for new attractions opened in the last three years range from 8.0 to 9.5 out of 10, a sign that they immediately found their audience.

Holdings & Supports: the acquisition of Travelfactoryis the year's highlight

The Holdings & Supports division now groups the consulting business carried by CDA Management and CDA Beijing, the historic online distribution and real estate businesses of CDA (previously accounted for under the Ski Areas BU), as well as the business of Travelfactory, a company that was acquired on January 1, 2018, and whose integration into the Group is going according to plan.

Sales for this division amounted to€31.9 M, compared with€12.4 M, actual scope, for the previous year, which did not include Travelfactory.

The 2017/2018 financial year was also satisfactory for the consulting business, thanks in particular to the service contract for the Jardin d'Acclimatation in Paris (assistance with project management, operation, and marketing), which has been a clear success since the facility reopened for the season on June 1st.

Contracts have also been signed or renewed in China, notably for technical assistance projects for the Thaiwoo resort. The year was also marked by the continuation of consulting assignments in Turkey and Georgia, for the ski area division, and in Moscow, for leisure destinations.

Outlook

• •Ski Areas

The Group reiterates that the reclassification this year of historic real estate and online distribution businesses under the Holdings and Supports BU has led to an increase in the EBITDA/Sales margin of around 0.8 point for Ski Areas. Factoring this in, the EBITDA/Sales margin for financial year 2017/2018 should be around 37%, as previously indicated.

• •Leisure Destinations

In light of dynamic sales and successful operating cost containment efforts, the EBITDA/Sales margin for Leisure Destinations for financial year 2017/2018 is expected to continue its progression and the objective of 27% in 2018/2019 (excluding Futuroscope) is confirmed.

Upcoming events:

•	FY 2017/2018 annual results:	Tuesday, December 11, 2018, before market opens
•	Q1 2018/2019 sales:	Thursday, January 17, 2019, after market closes
•	Annual Shareholders' Meeting:	Thursday, March 7, 2019, afternoon

www.compagniedesalpes.com

Since it was founded in 1989, Compagnie des Alpes has established itself as an uncontested leader in the leisure industry. At thehelm of 11 of the world's most prestigious ski resorts (Tignes, Val d'Isère, Les Arcs, La Plagne, Les Menuires, Les 2Alpes,

Méribel, Serre-Chevalier, etc.) and11 renowned leisure destinations (Parc Astérix, Grévin, Walibi, Futuroscope, etc.), the company is steadily expanding in Europe (France, the Netherlands, Belgium, etc.) and, more recently, at the international level (Grévin

Montréal in 2013, Chaplin's World by Grévin Prague in April 2016, and engineering and management assistance contracts (China,

Russia, Georgia, Kazakhstan, Turkey, Morocco, Japan)). CDA also owns stakes in 4 ski areas, including Chamonix.

During the financial year ended September 30, 2018, CDA facilities welcomed nearly 23 million visitors and generated consolidated sales of801.2 M€.

With nearly 5,000 employees, Compagnie des Alpes works with its partners to build projects that generate unique experiences, the opposite of a standardized concept. Exceptional leisure activities for everyone.

CDA is included in the following indices: CAC All-Shares, CAC All-Tradable, CAC Mid & Small and CAC Small.

ISIN: FR0000053324 ; Reuters: CDAF.PA ; FTSE: 5755 Recreational services

Contacts :
Compagnie des Alpes:	Denis HERMESSE	[phone]	[e-mail]
Sandra PICARD	+33.1 46 84 88 53	[e-mail]
Alexis d'ARGENT	[phone]	[e-mail]
Corpus:	Xavier YVON	+33.6 88 29 72 37	[e-mail]

Consolidated sales for the Group, October 1, 2017 through September 30, 2018

Actual scope, adjusted for thevarious reclassifications

Comparable scope

(In thousands of	FY	FY
			Change
euros)	2017/2018	2016/2017
First quarter:
Ski Areas	60 996	65 130	-6,3%	60 996	65 130	-6.3%
Leisure Destinations	70 091	65 747	+6.6%	70 091	65 106	+7.7%
Holdings & Support	2 095	1 607	+30.4%	2 095	1 607	+30,4%
Total sales Q1	133 182	132 484	+0.5%	133 182	131 843	+1.0%
Second quarter:
Ski Areas	311 095	296 995	+4.7%	311 095	296 995	+4.7%
Leisure Destinations	23 728	22 073	+7.5%	23 728	21 995	+7.9%
Holdings & Support	23 229	7 278	+219.2%	4 634(1)	7 278(1)	-36.3%(2)
Total sales Q2	358 053	326 346	+9.7%	339 457	326 268	+4.0%
Third quarter:
Ski Areas	50 403	48 706	+3.5%	50 403	48 706	+3.5%
Leisure Destinations	104 830	101 876	+2.9%	104 830	101 876	+2.9%
Holdings & Support	2 460	2 135	+15.2%	1 271(1)	2 135(1)	-40.4%(2)
Total sales Q3	157 693	152 718	+3.3%	156 504	152 718	+2.5%
Fourth quarter:
Ski Areas	6 830	6 112	+11.7%	6 830	6112	+11.7%
Leisure Destinations	141 278	136 894	+3.2%	141 278	136 894	+3.2%
Holdings & Support	4 191	1 392	+201.1%	1 231(1)	1 392(1)	-11.6%(2)
Total sales Q4	152 299	144 398	+5.2%	149 339	144 398	+3.4%
Cumulative annual
sales:
Ski Areas	429 324	416 943	+3.0%	429 324	416 943	+3.0%
Leisure Destinations	339 927	326 591	+4.1%	339 927	325 872	+4.3%
Holdings & Support	31 975	12 412	+157.6%	9 231(1)	12 412(1)	-25.6%(2)
Total annual sales	801 226	755 946	+6.0%	778 482	755 227	+3.1%

(1)

Excluding Travelfactory, consolidated as of January 1, 2018

ChangeFY 2017/2018 FY 2016/2017

(2) The difference is primarily due to a difference in the accounting method used for revenue recognition (margin in 2017/2018 vs. sales volume in 2016/2017) for online distribution and real estate agencies.